STOCKCHASE

A little bit cautious as last quarter their costs were going up quite a bit. Producing about 5500 BOE's and planning to exit at around 6000. Cash flow multiple is not very high and have a big landholding. Likes the story.

2011-12-29

BUY

4.710

Dennis Da Silva

A Beaver Hill Lake oil play. Whenever you encounter a small company pursuing a new resource play, there are always some initial higher costs. Likes where the play is going. Expect this will be a takeout in late 2012.

2011-12-15

PAST TOP PICK

5.640

(A Top Pick Dec 7/10. Up 5.97%.)

2011-11-08

WEAK BUY

5.640

Peter Brieger

One of the companies that fits into CPG’s portfolio. ARN is producing and CPOG owns 19.9%. CPG will likely take them over as they develop.

2011-11-08

PAST TOP PICK

5.640

(A Top Pick Dec 7/10. Up 5.97%.)

2011-11-08

STRONG BUY

5.180

(A Top Pick Oct 22/10. Up 11.4%.) Growing very rapidly. Have about a 105 section contiguous block of land in the Swan Hills area. Very prospective for light oil. Very well financed. About $50 million cash and about $120 million line of credit.

2011-10-13

BUY

5.180

Eric Nuttall

Continue to come out with phenomenal well results. Recently did a financing. Continue to have good success in the Font Hills play. Looking for a huge ramp-up in production. Prime takeover candidate at $7-$8.

2011-10-13

BUY

4.440

Alice Tsang

Very large resource play. Have done a great job of delineating the play. Ready to bring on full production. Good price.

2011-09-29

BUY

5.790

Just-released results, which are guiding to higher production levels. Crescent Point (CPG-T) owns a sizable amount of this company.

2011-08-29

TOP PICK

5.950

150 sections of contiguous land in an light oil play in the Swan Hills. Expect them to be ultimately taken out by a larger company.

2011-08-10

BUY

6.560

Jamie Horvat

Likes the name. 1.5 % in hedge fund strategy. Oil play in swan hills areas. Owned 19% by Crescent point Entergy. Likes the prospects.

2011-07-19

TOP PICK

5.660

A junior in Western Canada. Have the second biggest oilfield in Canada and they own land around this. Great takeover target. NAV is about $4.50, which could probably be doubled on a takeover.

2011-07-05

Comment

5.400

Alice Tsang

Huge oil resource in central Alberta. Had issues with one of their rigs but that seems to have been resolved. Starting to see fairly good results from the drilling. If they can delineate this there should be out a lot of upside. CapX is very aggressive so it needs to see execution. If management can prove out the project, there should be a good lift and valuation.

2011-06-24

TOP PICK

4.750

Andrew Cook

Oil producer in the western Canadian basin. Their big play is the Swan Hills play in Alberta. Had 100% drilling success this year. Well financed and valuation is good.

2011-05-19

TOP PICK

4.220

Plays to the larger theme of the Swan Hills complex in Alberta. A Legacy (LEG-T) oil field that was discovered in the 1960’s. There were 6 billion barrels of oil initially in play. With the advancements in horizontal drilling, they are able to drill up the fringes of the pool. This company was an early entrant into the game. Could be a takeover target.

2011-05-04

Comment

4.060

Bill Harris, CFA

Fantastic junior exploration company. You can get almost 5% in their convertible bond. Problem with a resource company that has a reserve life is can they get through strenuous parts of a cycle. Very well run and has gotten cheap recently. Now has production making it look pretty compelling and would probably like the bonds as a way to get into it but he is not there yet.

2011-04-18

TOP PICK

5.190

Very large position surrounding the Swan Hills oil field. So far results have been very good so thinks this will be a great take-out candidate.

2010-12-07

TOP PICK

4.650

Oil weighted junior. Central Alberta. Pretty interesting land at Deer Mountain. Enjoying excellent success there. $7 oil is probably worth $7.80. Drilling risk is always there and ability to manage pressure flood. Financing risk was an overhang for this stock but recently did an issue and had credit updated.

2010-10-22

BUY

5.040

Andrew McCreath

Drills wells of about 500 barrels a day of light, sweet oil in Alberta and believe there is a 40% recovery factor. New financing will allow them to increase their drilling program. Expensive on current production but prospects are very good.

2010-10-15

Comment

4.490

Expect they will average 2500 BOE's production this year and exit at 3500-4000 at the end of the year. May have to raise some more money to drill out the rest of their properties, which could create some weakness.

2010-09-23

BUY

4.750